Convector Capital Management LP Reduces Stake in Apple Inc. (AAPL)

Convector Capital Management LP lowered its position in Apple Inc. (NASDAQ:AAPL) by 45.1% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 30,200 shares of the iPhone maker’s stock after selling 24,800 shares during the period. Apple makes up about 6.3% of Convector Capital Management LP’s portfolio, making the stock its 3rd largest position. Convector Capital Management LP’s holdings in Apple were worth $3,414,000 at the end of the most recent reporting period.

Other institutional investors have also recently modified their holdings of the company. Armbruster Capital Management Inc. raised its stake in Apple by 35.1% in the third quarter. Armbruster Capital Management Inc. now owns 1,024 shares of the iPhone maker’s stock worth $116,000 after buying an additional 266 shares during the last quarter. Weaver C. Barksdale & Associates Inc. acquired a new position in shares of Apple during the third quarter worth about $122,000. D. Scott Neal Inc. increased its position in shares of Apple by 701.3% in the third quarter. D. Scott Neal Inc. now owns 1,202 shares of the iPhone maker’s stock worth $136,000 after buying an additional 1,052 shares during the period. Isthmus Partners LLC increased its position in shares of Apple by 80.5% in the third quarter. Isthmus Partners LLC now owns 1,343 shares of the iPhone maker’s stock worth $158,000 after buying an additional 599 shares during the period. Finally, Parametrica Management Ltd acquired a new position in shares of Apple during the third quarter worth about $203,000. 58.84% of the stock is currently owned by institutional investors.

Institutional Ownership by Quarter for Apple (NASDAQ:AAPL)

Shares of Apple Inc. (NASDAQ:AAPL) traded down 0.23% during midday trading on Friday, hitting $132.12. 20,065,458 shares of the stock were exchanged. Apple Inc. has a 12-month low of $89.47 and a 12-month high of $132.94. The firm has a 50-day moving average price of $121.79 and a 200-day moving average price of $113.62. The company has a market cap of $693.17 billion, a PE ratio of 15.86 and a beta of 1.26.

Apple (NASDAQ:AAPL) last released its quarterly earnings results on Tuesday, January 31st. The iPhone maker reported $3.36 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $3.22 by $0.14. Apple had a net margin of 20.73% and a return on equity of 34.94%. The firm had revenue of $78.35 billion for the quarter, compared to the consensus estimate of $77.37 billion. During the same quarter in the previous year, the firm posted $3.28 EPS. The firm’s quarterly revenue was up 3.3% on a year-over-year basis. On average, equities analysts predict that Apple Inc. will post $8.95 EPS for the current year.

The company also recently declared a quarterly dividend, which will be paid on Thursday, February 16th. Investors of record on Monday, February 13th will be paid a dividend of $0.57 per share. This represents a $2.28 annualized dividend and a yield of 1.73%. The ex-dividend date is Thursday, February 9th. Apple’s dividend payout ratio (DPR) is 27.31%.

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A number of brokerages have issued reports on AAPL. Canaccord Genuity upped their price objective on Apple from $140.00 to $142.00 and gave the company a “buy” rating in a research note on Wednesday, February 1st. Credit Suisse Group restated an “outperform” rating and issued a $150.00 price objective on shares of Apple in a research note on Wednesday, December 7th. Needham & Company LLC restated a “top pick” rating and issued a $150.00 price objective on shares of Apple in a research note on Tuesday, January 24th. Robert W. Baird set a $145.00 price objective on Apple and gave the company a “buy” rating in a research note on Wednesday, February 1st. Finally, Stifel Nicolaus upped their price objective on Apple from $115.00 to $130.00 and gave the company a “hold” rating in a research note on Wednesday, February 1st. Two equities research analysts have rated the stock with a sell rating, eleven have assigned a hold rating, thirty-eight have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. The stock has a consensus rating of “Buy” and a consensus price target of $134.72.

In related news, CEO Timothy D. Cook sold 30,000 shares of Apple stock in a transaction on Thursday, January 19th. The shares were sold at an average price of $120.00, for a total transaction of $3,600,000.00. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Luca Maestri sold 5,323 shares of Apple stock in a transaction on Friday, December 9th. The stock was sold at an average price of $113.98, for a total transaction of $606,715.54. Following the sale, the insider now directly owns 7,632 shares in the company, valued at approximately $869,895.36. The disclosure for this sale can be found here. Insiders have sold a total of 336,275 shares of company stock worth $41,954,409 in the last ninety days. 0.08% of the stock is currently owned by insiders.

About Apple

Apple Inc (Apple) designs, manufactures and markets mobile communication and media devices, personal computers, and portable digital music players, and a variety of related software, services, peripherals, networking solutions, and third-party digital content and applications. The Company’s products and services include iPhone, iPad, Mac, iPod, Apple TV, a portfolio of consumer and professional software applications, the iOS and OS X operating systems, iCloud, and a variety of accessory, service and support offerings.

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